7 December 2012

Uganda: NSSF Hits Sh3 Trillion Mark

The National Social Security Fund (NSSF) has recorded Shs3 trillion as its asset base for the period ending November 2012, the Fund's Managing Director, Richard Byarugaba told a press conference in Kampala on Nov. 6.

Byarugaba said over the past 12 months, despite the harsh economic conditions, the Fund's balance sheet has grown by 76% from Sh2.1 trillion to the current 3trillion.

He attributed the growth to the improved customer relationship management, adoption of faster but cheaper delivery channels and adoption of better technology.

Byarugaba said the combination of the achievements made at the Fund over the last 24 months and the renewed commitment, by the team at the fund, has made NSSF a force to reckon with especially as the social security sector opens up for competition next year.

"Delivering a better future starts today and this we are already doing through payment of better returns, great customer care and transparency. In the liberalized environment, we will be able to leverage our strength, expertise and experience to create great products for our members," he said.

The fund's assets are invested in fixed income (Sh2.7 trillion or 81%), equities (Sh391 billion or 13 %) and real estate (Sh175 billion or 6%).

Byarugaba said the monthly contributions are up by 71% from Sh24.5bn to Sh 42.0 bn in the same period, while, member balances have also grown by 70% from Sh1.7 bn to Sh2.9bn. Overall, the Fund is growing by Sh50bn month-on-month.

Meanwhile, the Fund has refreshed its visual identity with a promise to deliver a better future for its growing membership by providing quality products, great customer service and offering competitive returns in a transparent and efficient environment, according to Byarugaba.

The Fund's new corporate identity- a refreshed blue and green logo as well as a new tag-line- 'a better future', which according to, Byarugaba, symbolizes the Fund's renewed commitment to be even more relevant to its members.

"We are not merely changing our look and feel, but rather the change of our visual identity symbolizes my commitment, your commitment and our commitment to deliver a better future for our growing membership by providing quality products, great customer service and offering competitive returns in a transparent and efficient environment," he said.

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